Banking Fintech News

Amalgamated Bank Closes $1.7 Million Retroactive C-Pace Deal to Revitalize Nashville Retail Space

Amalgamated Bank Closes $1.7 Million Retroactive C-Pace Deal to Revitalize Nashville Retail Space

Amalgamated Bank and Allectrify Back Green Redevelopment Powering Neighborhood Businesses

Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. announced the successful closing of a Commercial Property Assessed Clean Energy (“C-PACE”) financing under the Davidson County C-PACER Program using Allectrify’s FASTPACE Platform.

The nearly $1.7M retroactive C-PACE financing recapitalized the recently completed project, which is a gut rehab of an 80-plus year-old retail structure. The retail space is home to several bustling small businesses, including the newest location of M.L. Rose Craft Beer & Burger, a popular local chain.

The property is owned and operated by A. Ray Hospitality, a local restaurant group owned by Austin Ray, himself a Nashville-based restaurateur for over two decades. The project includes electrical improvements related to interior & exterior LED lighting, high-efficiency HVAC, improved roof and wall insulation, energy efficient windows, and storm resiliency measures.

Catch more Fintech Insights : How Connectivity Streamlines Cash Operations

As America’s largest B Corp bank and a national leader in climate lending, Amalgamated Bank’s latest C-PACE closing using the FASTPACE platform reflects an ongoing commitment to enabling access to capital for C-PACE projects of all sizes. This closing highlights how an innovative approach to C-PACE financing can be a force for good, driving investment in healthy building stock and thriving local economies.

C-PACE financing supports long-term, competitive financing for commercial property improvements for energy efficiency, renewable energy, resiliency, and water conservation. Amalgamated Bank is a leader in deploying C-PACE capital, and its partnership with FASTPACE enables efficient closing for projects of all sizes.

“We are proud to lead the industry in providing C-PACE as a solution that empowers commercial property owners to finance energy efficiency, resiliency, and sustainability measures without the barriers of high up-front costs,” said Sam Brown, Chief Banking Officer at Amalgamated Bank. “Allectrify has been a tremendous partner in the execution of this deal, making it a seamless and efficient process.”

“Amalgamated Bank walks the walk when it comes to expanding access to capital and investing in impactful local projects,” said Colin Bishopp, Chief Executive Officer of Allectrify. “This retroactive C-PACE financing for a neighborhood spot in Nashville is another prime example. FASTPACE is proud to provide superior service for all parties to efficiently close on the C-PACE financing for this project.”

Read More on Fintech : Reinventing Identity Security in the Age of AI

[To share your insights with us, please write to psen@itechseries.com ]

Related posts

NetcoinCapital Token to be listed on XT Exchange

Fintech News Desk

Interactive Brokers Offers Trading on the Taiwan Stock Exchange

Business Wire

The Claro Group Shifts Working Capital to Black-Owned Bank, Liberty Bank and Trust, to Help Fuel Growth

Fintech News Desk
1